In case you missed it!

Very happy with the turn out for our SAP Services webinar... no official tally just yet, but looks like we broke some PAC records! ;-)

I think something that all participants found very interesting is our take on how the ongoing financial crisis has impacted overall Project Services, as well as SAP Consulting Services.

The chart above illustrates the difference in our "old" (from June 2008) and "new" (from October 2008) growth forecasts.

What is clear is that the SAP Consulting Services (CS) business is not immune to the financial crisis. Even if SAP was smaller (relatively) in the banking sector, they still were present, and the impact on IT from this crisis will spread well beyond just the banking sector and into the wider economy.

At the same time, we also see the SAP CS business as more stable compared to overall Project Services, since it is based on strong license revenue growth of the past few years, many sectors are actually forced to modernized during tough times, and with lower valuations we expect more consolidation and M&A projects, which may be a negative for SAP, but benefits SAP CS suppliers!

It should be noted that these figures are a snapshot from today, and if there is a further deterioration of the markets beyond what we reasonably expect, growth rates can be forecasted downward again... in any case, the SAP CS business looks like a good place to be!